Can Democracy and Capitalism Be Reconciled?
Published on 20. February 2026
Book
Paperback/Softback
608 pages
978-0-19-777470-0 (ISBN)
Description
In Can Capitalism and Democracy Be Reconciled?, Sidney M. Milkis and Scott C. Miller have gathered a truly eminent cast of contributors to provide a multidisciplinary examination at the intersection of capitalist economies and democratic political systems across time and space. Featuring twenty-four essays from scholars across nine different academic fields, the volume interrogates the ideas, history, and policy behind these two pillars of liberal society.
The volume begins with an introduction that explores the vibrant historical debate over whether democracy and capitalism can and should coexist in America. The contributors, further examining the United States and comparable countries, conclude that democracy and capitalism can be reconciled; at the same time, many recognize that the relationship is fragile and urge systemic changes that might sustain democratic capitalism in the future. The core thematic sections begin with an examination of the foundational yet fluid meaning of democracy and capitalism and consider the inherent tensions in reconciling them. The remaining sections address the underlying causes of, and solutions to, five modern "pathologies" of democratic capitalism: 1) Environmental Degradation; 2) Governance and Consolidation of Private Power; 3) Inequality and Opportunity; 4) Polarization; and 5) Frictions at the Intersection of Popular Will and Sound Policy. By examining these pathologies from many disciplinary and temporal angles, this volume provides a rounded understanding of why these pathologies arose, how they have influenced society, and how free people can reform their political economy to bring it more in line with their values.
The volume begins with an introduction that explores the vibrant historical debate over whether democracy and capitalism can and should coexist in America. The contributors, further examining the United States and comparable countries, conclude that democracy and capitalism can be reconciled; at the same time, many recognize that the relationship is fragile and urge systemic changes that might sustain democratic capitalism in the future. The core thematic sections begin with an examination of the foundational yet fluid meaning of democracy and capitalism and consider the inherent tensions in reconciling them. The remaining sections address the underlying causes of, and solutions to, five modern "pathologies" of democratic capitalism: 1) Environmental Degradation; 2) Governance and Consolidation of Private Power; 3) Inequality and Opportunity; 4) Polarization; and 5) Frictions at the Intersection of Popular Will and Sound Policy. By examining these pathologies from many disciplinary and temporal angles, this volume provides a rounded understanding of why these pathologies arose, how they have influenced society, and how free people can reform their political economy to bring it more in line with their values.
More details
Language
English
Place of publication
New York
United States
Target group
Professional and scholarly
Product notice
Paperback (trade)
Unsewn / adhesive bound
Dimensions
Height: 234 mm
Width: 154 mm
Thickness: 42 mm
Weight
760 gr
ISBN-13
978-0-19-777470-0 (9780197774700)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Other editions
Additional editions
Scott C. Miller | Sidney M. Milkis
Can Democracy and Capitalism Be Reconciled?
Book
11/2024
Oxford University Press Inc
€100.50
Shipment within 15-20 days
Persons
Sidney M. Milkis is the White Burkett Miller Professor in the Department of Politics and a Senior Fellow at the Miller Center of Public Affairs, University of Virginia. He was awarded the Cavaliers' Distinguished Teaching Professorship for 2018-2020, the highest teaching award at the University of Virginia, which recognizes an eminent scholar for outstanding undergraduate teaching. In 2016-2017, he was named the John G. Winant Visiting Professor of American Government at Oxford University. His research focuses on the American presidency, political parties and elections, social movements, and American political development. He has published fifteen books, and his articles have appeared in Perspectives on Politics, Political Science Quarterly, Studies in American Political Development, PS: Political Science and Politics, the Journal of Policy History, Antitrust Law Journal, Presidential Studies Quarterly, Journal of Supreme Court History, American Political
Thought, Social Science Quarterly, and several highly regarded edited volumes.
Scott C. Miller is Assistant Professor of Business Administration at the Darden School of Business and Director of the Project on Democracy and Capitalism at the University of Virginia. From 2019 to 2021, Miller held a postdoctoral fellowship in economic and business history at the Yale School of Management's International Center for Finance. As an economic historian, Miller examines the development of modern economic systems, particularly during periods of instability and volatility. He is the author or co-author of numerous scholarly papers on economic history, financial crises, and the interplay between societal and economic change. He also has written or co-written twenty case studies on financial crises and economic development.
Thought, Social Science Quarterly, and several highly regarded edited volumes.
Scott C. Miller is Assistant Professor of Business Administration at the Darden School of Business and Director of the Project on Democracy and Capitalism at the University of Virginia. From 2019 to 2021, Miller held a postdoctoral fellowship in economic and business history at the Yale School of Management's International Center for Finance. As an economic historian, Miller examines the development of modern economic systems, particularly during periods of instability and volatility. He is the author or co-author of numerous scholarly papers on economic history, financial crises, and the interplay between societal and economic change. He also has written or co-written twenty case studies on financial crises and economic development.
Editor
Assistant Professor of Business Administration, Darden School of Business, and Director of the Project on Democracy and CapitalismAssistant Professor of Business Administration, Darden School of Business, and Director of the Project on Democracy and Capitalism, University of Virginia
Volume editor
White Burkett Miller Professor of PoliticsWhite Burkett Miller Professor of Politics, University of Virginia
Content
Sidney M. Milkis and Scott C. Miller: Introduction SECTION I The Nature of Democratic Capitalism Isabel Sawhill: Capitalism and Democracy: Will They Survive? 1: Vincent Geloso and Alex Tabarrok: Two Peas in a Pod: Democracy and Capitalism 2: Didi Kuo: Political Parties and Democratic Capitalism 3: Carles Boix: The Varying Fortunes of Democratic Capitalism SECTION II Environmental Degradation Michael James Lenox: Democratic Capitalism, Industrial Policy, and the Challenge of Climate Change 4: Barry G. Rabe: Can Democratic Capitalism Protect the Climate? 5: Shi-Ling Hsu: Recruiting Capitalism for Environmental Protection SECTION III Governance and Consolidation of Private Power Kenneth G. Elzinga: Can Democracy and Capitalism be Reconciled? 6: Laura Phillips-Sawyer: The Problem of Market Power in Postwar America: Antitrust Law, Regulatory Discourse, and Changing Ideas of Market Power 7: Naomi Lamoreaux and John Joseph Wallis: Democracy, Capitalism, and Equality: The Importance of Impersonal Rules SECTION IV Inequality and Opportunity Christine Mahoney: Can Capitalism Save Itself?: Capitalism's Looming Threats to Democracy and Practical Strategies to Step Back from the Brink 8: Joel Mokyr: Diversity, Pluralism and Tolerance: The Roots of Economic Prosperity? 9: Deondra Rose: For-profit Colleges and the Tension between Capitalism and American Democracy 10: Danielle Allen: The Fourth Subsidiary Ideal: Empowering Economies SECTION V Polarization Robert C. Lieberman: In Polanyi's Shadow: Race, Capitalism, and Democracy in Our Time 11: Jacob S. Hacker and Paul Pierson: From Leader to Laggard? American Democratic Capitalism in the Knowledge Economy 12: Trevor E. Brown and Suzanne Mettler: How the Transformation of the American Political Economy Spurred a Rural-Urban Political Divide 13: William A. Galston: Capitalism, Democracy, and the Rise of the New Right: A Shifting Landscape SECTION VI Frictions at the Intersection of Democracy and Capitalism: Popular will And "Sound Policy" Jennifer Bair: Institutions as Interstices: Frictions at the Intersection of Democracy and Capitalism 14: Dan Bogart and Kara Dimitruk: Representative Government and Mercantilism in England 15: Hannah Knox Tucker and R. Daniel Wadhwani: Freedom's Frictions: Entrepreneurial Imaginaries in the Making of American Capitalism and Democracy 16: Robert F. Bruner: Financial Crises and the Coexistence of Democracy and Capitalism: The Case of the Panic of 1907 James A. Morone: Conclusion: Can Democracy and Capitalism be Reconciled? Ten Conclusions in the Search for a Just Society